Carnival Corp. Ltd. (CCL): price, analyst ratings, earnings and fundamentals
Updated 15 October 2026, 21:45 ET
Carnival Corp. Ltd. (CCL) closed at $26.46 on 15 October 2026, up 1.9%. The stock is up 18.4% over one month and down 8.6% over one year. It trades 22.2% below its 52-week high of $34.03. Analysts recorded 17 actions in the last 90 days; the median price target of $33 is 23.8% above the last close. The company last reported on 29 September 2026 for Q3 2026: EPS of $1.43 against an estimate of $1.35, a beat of 5.9%, on revenue of $8.4 billion.
Price and performance
Performance figures use dividend and split adjusted closes over trading sessions, so a one-year move compares the last close with the close 252 sessions earlier. The 52-week range uses the adjusted daily highs and lows of the same window. Read the guide: Momentum, trend and technical indicators.
The live chart with technical indicators is in the app: open CCL in FundSpec.
Analyst ratings
Over the last 90 days FundSpec recorded 17 analyst actions on CCL from 15 firms: 17 maintained or reiterated a view. Price targets were 4 raised and 12 lowered. The most recent targets from 18 firms range from $29 to $42, with a median of $33, 23.8% above the last close.
| Date | Firm | Action | Price target |
|---|---|---|---|
| 13 Oct 2026 | Tigress Financial | Maintains Buy | $42.00 |
| 1 Oct 2026 | Freedom Broker | Maintains Buy | $35.00 to $36.00 |
| 1 Oct 2026 | Argus Research | Maintains Buy | $35.00 to $30.00 |
| 1 Oct 2026 | Wells Fargo | Maintains Overweight | $36.00 to $34.00 |
| 30 Sep 2026 | Morgan Stanley | Maintains Overweight | $31.00 to $32.50 |
| 30 Sep 2026 | Susquehanna | Maintains Positive | $28.00 to $29.00 |
| 30 Sep 2026 | Mizuho | Maintains Outperform | $39.00 to $38.00 |
| 30 Sep 2026 | BNP Paribas | Maintains Outperform | $33.00 to $31.00 |
| 24 Sep 2026 | JP Morgan | Maintains Overweight | $43.00 to $39.00 |
| 24 Sep 2026 | Susquehanna | Maintains Positive | $33.00 to $28.00 |
A price target is one firm's twelve-month view, and the median across firms is a steadier reading than any single call. Upgrades and downgrades matter more when they change a rating, not only a target. Read the guide: What analyst ratings and price targets actually tell you.
Every action with the firm's history is in Analyst Ratings.
Earnings
The next report is scheduled for 18 December 2026 before the open for Q4 2026, with EPS expected at $0.22 on revenue of $6.5 billion. Carnival Corp. Ltd. beat the EPS estimate in 8 of its last 8 reported quarters.
| Period | Reported | EPS estimate | EPS actual | Surprise | Revenue |
|---|---|---|---|---|---|
| Q3 2026 | 29 Sep 2026 | $1.35 | $1.43 | +5.93% | $8.4B |
| Q2 2026 | 23 Jun 2026 | $0.34 | $0.41 | +20.59% | $6.7B |
| Q1 2026 | 27 Mar 2026 | $0.18 | $0.20 | +11.11% | $6.2B |
| Q4 2025 | 19 Dec 2025 | $0.25 | $0.34 | +36.00% | $6.3B |
| Q3 2025 | 29 Sep 2025 | $1.32 | $1.43 | +8.33% | $8.2B |
| Q2 2025 | 24 Jun 2025 | $0.24 | $0.35 | +45.83% | $6.3B |
| Q1 2025 | 21 Mar 2025 | $0.02 | $0.13 | +550.00% | $5.8B |
| Q4 2024 | 20 Dec 2024 | $0.08 | $0.14 | +75.00% | $5.9B |
An earnings surprise is the reported EPS against the consensus estimate on the day. The price reaction depends as much on guidance and on what was already priced in as on the surprise itself. Read the guide: Earnings season: estimates, surprises and price reaction.
Estimates, confirmed dates and alerts for every company are in Earnings.
Fundamentals
For the period ended 31 August 2026, Carnival Corp. Ltd. reported revenue of $8.4 billion and net income of $1.9 billion. On a trailing twelve month basis the company shows revenue growth of 5.20%, a gross margin of N.A., an operating margin of 15.99% and a return on equity of 24.02%.
Income statement
| Line | Amount |
|---|---|
| Revenue | $8,435,000,000 |
| Selling, General & Administrative Expenses | $834,000,000 |
| Depreciation & Amortization | $754,000,000 |
| Total Operating Expenses | $4,628,000,000 |
| Operating Profit | $2,220,000,000 |
| Interest Expense | $285,000,000 |
| Pre-tax Income | $1,939,000,000 |
| Income Tax Expense | $16,000,000 |
| Net Income | $1,920,000,000 |
Cash flow
| Line | Amount |
|---|---|
| Cash from Operating Activities | $1,410,000,000 |
| Stock-based Compensation | $23,000,000 |
| Cash from Investing Activities | -$702,000,000 |
| Capital Expenditures | $698,000,000 |
| Cash from Financing Activities | -$1,728,000,000 |
| Dividends Paid | $204,000,000 |
| Share Repurchases | $548,000,000 |
| Free Cash Flow | $712,000,000 |
Assets
| Line | Amount |
|---|---|
| Cash & Cash Equivalents | $1,220,000,000 |
| Restricted Cash | $20,000,000 |
| Inventory | $528,000,000 |
| Other Current Assets | $1,004,000,000 |
| Total Current Assets | $3,421,000,000 |
| Plant, Property & Equipment, Net | $43,397,000,000 |
| Operating Lease Right-of-Use Assets | $1,228,000,000 |
| Goodwill Intangible Assets, Net | $1,760,000,000 |
| Other Long-term Assets | $1,166,000,000 |
| Total Assets | $50,971,000,000 |
Liabilities and equity
| Line | Amount |
|---|---|
| Accounts Payable & Accrued Expenses | $1,159,000,000 |
| Total Short-term Debt | $2,036,000,000 |
| Operating Lease Liabilities, Current | $168,000,000 |
| Deferred Liability Charges | $7,129,000,000 |
| Total Current Liabilities | $12,475,000,000 |
| Long-term Debt | $23,912,000,000 |
| Operating Lease Liabilities, Long-term | $1,082,000,000 |
| Minority Interest | $19,000,000 |
| Other Liabilities | $1,333,000,000 |
| Total Liabilities | $36,764,000,000 |
| Additional Paid In Capital | $15,663,000,000 |
| Retained Earnings | $6,712,000,000 |
| Treasury Stock | -$6,488,000,000 |
| Other Accumulated Comprehensive Income | -$1,714,000,000 |
| Total Stockholders Equity | $14,188,000,000 |
| Total Liability & Stockholders Equity | $50,971,000,000 |
Figures as filed with the SEC for the period ended 31 August 2026, in US dollars.
FundSpec fundamental metrics
Each metric is computed from the company's filings and ranked against every company FundSpec covers; the percentile is the share of covered companies with a lower value.
Liquidity
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Cash Ratio | 0.10 | 34th | Calculated as the ratio of Cash and cash equivalents / Current liabilities. This metric calculates the company's ability to repay its short-term debt |
| Current Ratio | 0.27 | 24th | Calculated as the ratio of Current Assets / Current Liabilities. The higher the current ratio, the more capable the company is of paying its obligations |
Leverage
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Debt/Assets | 0.47 | 85th | Calculated as the ratio of Short-Term Debt + Long-Term Debt / Total Assets. The higher the ratio, the higher the degree of leverage, and consequently, financial risk |
| Debt/Equity | 1.69 | 86th | Calculated as the ratio of Total Liabilities / Shareholders' Equity. The ratio indicates how much debt a company is using to finance its assets relative to the amount of value represented in shareholders’ equity |
| Degree of Combined Leverage | 0.63 | 51st | This ratio summarizes the combined effect that the degree of operating leverage (DOL) and the degree of financial leverage have on earnings per share (EPS), given a particular change in sales |
| Degree of Financial Leverage | 1.36 | 80th | Calculated as the ratio of Percentage change in EPS / Percentage change in EBIT. A higher degree of financial leverage means that the company has more volatile EPS. |
| Degree of Operational Leverage | 0.46 | 50th | Calculated as the ratio of Percentage change in EBIT / Percentage change in revenue. It is a measure of how earnings for the company is impacted by its sales activity. |
| Long Term Debt/Long Term Capital | 0.63 | 74th | Calculated as Long-Term Debt / (Long-Term Debt + Shareholders' Equity). The ratio is an indicator of the company's leverage |
Profitability
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Free Cashflow Margin Pct | 11.5% | 69th | Calculated as the ratio of Free Cashflow from Operating Activities / Net Sales. It measures how much per dollar of revenue the company is able to convert into free cash flow. |
| Operating Margin Pct | 16.0% | 75th | Calculated as the ratio of (Revenue - (Cost of Goods Sold + Labour + Sales, General & Administrative)) / Revenue. Operating margins are important because they measure efficiency. The higher the operating margin, the more profitable a company's core business is. |
| Operating Profit Pct Growth | 2.4% | 46th | The Operating Profit growth rate over the trailing twelve months (TTM) |
| Operating Profit Pct Growth 3 year CAGR (FY) | 116.1% | 99th | The Operating Profit compound annual growth rate (CAGR) over the past 3 years |
| PreTax Margin Pct | 11.5% | 65th | Calculated as the ratio of (Gross profit - (Operating Expense + Interest Expense)) / Revenue. The pretax profit margin enables profitability to be compared across companies with significant differences in size, scale, capital structure and tax rates. |
| Return on Assets Pct | 6.2% | 84th | Calculated as the ratio of Net Income / Total Assets. It is an indicator of how efficient the company is at using its assets to generate earnings. |
| Return on Equity Pct | 24.0% | 89th | Calculated as the ratio of Net Income / Shareholders' equity. It is a measure of how much profit a company generates with the money shareholders have invested. |
| Return on Invested Capital Pct | 11.8% | 77th | Calculated as the ratio of (Net Income - Dividends) / (Debt + Equity). It is a measure of how efficient the company is at allocating the capital under its control to profitable investments. |
Cashflow
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| FCF Pct Growth | 9.0% | 51st | The Free Cash Flow growth rate over the trailing twelve months (TTM) |
| FCF Return on Assets Pct | 6.2% | 74th | Calculated as the ratio of Cashflow from Operations / Total Assets. A high cash return on assets means a company is generating more cash flow from every asset dollar |
| Operating Cashflow Pct Growth | 21.6% | 62nd | The Operating Cashflow growth rate over the trailing twelve months (TTM) |
| Operating Cashflow Pct Growth 3 year CAGR (FY) | 28.1% | 81st | The Operating Cashflow compound annual growth rate (CAGR) over the past 3 years |
Earnings Growth (Net Income)
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Net Income Pct Growth | 18.8% | 57th | The Net Income growth rate over the trailing twelve months (TTM) |
Top Line Growth
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Revenue Pct Growth | 5.2% | 47th | The Revenue (Sales) growth rate over the trailing twelve months (TTM) |
| Revenue Pct Growth 3 year CAGR | 11.3% | 68th | The Revenue (Sales) compound annual growth rate (CAGR) over the past 3 years |
| Revenue Pct Growth 5 year CAGR | 111.3% | 98th | The Revenue (Sales) compound annual growth rate (CAGR) over the past 5 years |
Taxes
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Effective Tax Rate Pct | 1.0% | 42nd | The effective tax rate of the company over the trailing twelve months (TTM). |
Margins and returns say how much of each dollar of sales becomes profit and how hard the balance sheet is working; leverage and liquidity say how much room the company has when conditions turn. Read the guide: A practical guide to discounted cash flow valuation.
Fair value, peer multiples and the full statement history are in the app: open CCL in FundSpec.
Insider activity
In the last 90 days insiders filed 2 transactions: 2 acquisitions covering 339,043 shares. Acquisitions include awards and option exercises as well as open market purchases.
| Date | Insider | Title | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 25 Aug 2026 | Micky Meir Arison | Director, Chairman of the Board | Acquisition | 248,015 | ||
| 24 Aug 2026 | Micky Meir Arison | Director, Chairman of the Board | Acquisition | 91,028 | ||
| 28 May 2026 | Bettina Alejandra Deynes | Chief Human Resources Officer | Disposal | 43,058 | $28.10 | $1.2M |
| 11 May 2026 | Helen Deeble | Director | Disposal | 3,625 | $26.38 | $96K |
| 11 May 2026 | Sir Jonathon Band | Director | Disposal | 3,471 | $26.38 | $92K |
| 11 May 2026 | Jeffrey J Gearhart | Director | Disposal | 616 | $26.38 | $16K |
| 11 May 2026 | Stuart Subotnick | Director | Disposal | 616 | $26.38 | $16K |
| 11 May 2026 | Laura A Weil | Director | Disposal | 616 | $26.38 | $16K |
| 11 May 2026 | Nelda J Connors | Director | Disposal | 616 | $26.38 | $16K |
| 11 May 2026 | Katie Lahey | Director | Disposal | 616 | $26.38 | $16K |
| 11 May 2026 | Jason Glen Cahilly | Director | Disposal | 616 | $26.38 | $16K |
| 11 May 2026 | Stuart Subotnick | Director | Disposal | 0 | $25.22 | $5 |
| 8 May 2026 | Sir Jonathon Band | Director | Acquisition | 7,712 | ||
| 8 May 2026 | David Bernstein | CFO & CAO | Acquisition | 49,894 | ||
| 8 May 2026 | Jason Glen Cahilly | Director | Acquisition | 7,712 |
Insider filings record what officers and directors did with their own shares. Disposals are often planned sales or tax related, so a pattern across several insiders says more than one filing.
SEC filings
The latest filing is a 10-Q from 29 September 2026.
| Filed | Form | Document |
|---|---|---|
| 29 Sep 2026 | 10-Q | View on sec.gov |
| 26 Jun 2026 | 10-Q | View on sec.gov |
| 27 Mar 2026 | 10-Q | View on sec.gov |
| 27 Jan 2026 | 10-K | View on sec.gov |
| 29 Sep 2025 | 10-Q | View on sec.gov |
| 26 Jun 2025 | 10-Q | View on sec.gov |
| 25 Mar 2025 | 10-Q | View on sec.gov |
| 27 Jan 2025 | 10-K | View on sec.gov |
| 30 Sep 2024 | 10-Q | View on sec.gov |
| 27 Jun 2024 | 10-Q | View on sec.gov |
Company profile
- Exchange
- NYSE
- Sector
- Water Transportation
- Industry
- Transportation
- Headquarters
- Miami, Florida
- Chief executive
- Josh Weinstein
- Employees
- 40,000
- Website
- carnivalcorp.com
- SEC CIK
- 0000815097
Carnival Corporation & plc operates as a leisure travel company. Its ships visit approximately 700 ports under the Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia) and Cunard brand names. The company operates in the United States, Canada, Continental Europe, Australia, New Zealand, Asia, and internationally.
Sector and peers
Carnival Corp. Ltd. is part of the Water Transportation sector, which FundSpec tracks across 47 companies.
Companies in the same industry by market capitalization:
RCL Royal Caribbean Cruises Ltd.BIP Brookfield Infrastructure Partners L.P.NCLH Norwegian Cruise Line Holdings Ltd.
Put two of them side by side in Compare.
In FundSpec: the fair value estimate, the momentum reading, relative valuation against sector and industry peers, unusual options activity and AI model signals for CCL are available to subscribers, with the same screen in the iOS and Android apps.
Open CCL in FundSpec